The gamble for Edwards is that he will need to unite a fractured club where fans’ frustrations with the ownership have bubbled over.
Swapping a Premier League promotion challenge for a battle to stay in the top flight is brave enough at the best of times, let alone when the club in question appear to have big issues in the background.
Anger towards owners Fosun and executive chairman Jeff Shi is widespread, even if the fans are unlikely to achieve their ultimate goal of pressuring Fosun to sell.
Wolves are aware of the division and Edwards will be joined by Harry Watling, who takes on the role of assistant head coach and was part of his team at the Riverside Stadium.
Sources have also told BBC Sport that Paul Trollope, Joleon Lescott and Conor Coady have been sounded out over potential roles in a new-look backroom staff.
The potential additions of Lescott and Coady are rated as difficult to complete – particularly the latter who is still playing for Wrexham.
One thing Edwards has to his advantage is his lack of recent involvement at Wolves, this in contrast to other reported candidates.
The potential reappointment of former boss Gary O’Neil, sacked 11 months ago and still being paid by the club under the terms of his severance package, could have widened the divide still further.
Supporters had turned against O’Neil by the end of his reign last December, while Shi said in the summer the club waited too long to sack him.
O’Neil perhaps shrewdly ruled himself out of the running last week. He had concerns about what he would be inheriting, especially the structure off the pitch.
That aspect has not put Edwards off.
Former England striker Alan Shearer told BBC Match of the Day: “I get his connection with Wolves but I think Middlesbrough gave him a big opportunity and this is a huge risk for him as I don’t see them staying up. It is a big gamble.”
Where the gamble lies for Wolves is that Edwards’ only full-time Premier League managerial experience saw his one season in the top flight with Luton in 2023-24 end in relegation.
He guided the Hatters to the Premier League for the first time but was then unable to halt a slide into League One, leaving Kenilworth Road in January of this year.
Two Premier League relegations would not look great on Edwards’ record, but he is keen on the job and a return to his roots, and will back himself to lead the team away from danger.
Edwards won the Premier League 2 title with Wolves Under-23s in 2019, describing the moment as the best in his career at that time.
“It was probably one of the best feelings in 20 years of professional football that I’ve had. It was amazing, I felt so proud of the boys,” he said.
Now Edwards is at the helm, another career highlight would come with his first game in official charge – Edwards had a two-game caretaker spell in 2016 – against Crystal Palace at Molineux on 22 November.
